Heat Pump Market: Analysis By Product Type, Industry Application And Future Technology

A heat pump is a device used for cooling and heating by extracting heat from lower heat sources and deliver it to higher potential for water, space, and floor heating/cooling. Technically air conditioner and refrigerator are two prime examples where heat pump is used. Refrigerator and air conditioner work only on cooling cycle, whereas heat pumps can operate on fully reversible cooling cycle. Condenser, evaporator, expansion valve, and compressor are some of the common examples of heat pump. The heat transferred through these components is called refrigerant. Moreover, heat pumps are increasingly used in domestic hot water for kitchen, bathroom, and clothes washer.

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Key players operating in the global heat pump market are Daikin Industries Limited, Viessmann Group, NIBE Group, Danfoss Group Global, Stiebel Eltron Group, Mitsubishi Electric Corporation, United Technologies Corporation, Panasonic Corporation, Glen Dimplex Group, and The Bosch Group.

Market Trends:
Hybrid pumps are expected to witness significant demand in the near future:
End users around the world are preferring hybrid heat pump for various industry segments. These pumps are a combination of air source heat pumps and gas boiler/solar heaters. These pumps are gaining significant demand across the globe, especially in Europe.

Growing inclination towards use of eco-friendly refrigerants:
Heat pumps that use natural refrigerants have gained significant traction in the market. Natural refrigerants such as carbon dioxide R744), ammonia (R717) and hydrocarbon are being increasingly preferred due to their environment-friendly properties.

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Market Opportunities:
Growing demand for CO2 refrigerant heat pumps is expected to offer lucrative growth opportunities for market players:
CO2 refrigerant heat pumps offer significant growth opportunity for heat pumps manufacturers.CO2 refrigerant heat pumps are eco-friendly, low cost, and offer easy recyclability.

High demand for heat pumps from emerging economies is expected to present significant growth opportunity:
Heat pumps have witnessed significant demand from emerging market, especially APEJ countries such as India, China, Philippines, Indonesia, and Malaysia. Eco-friendly heat pumps are also expected to witness lucrative demand from these countries in the near future,

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This release was published on openPR.